| 10.1°C Dublin

Consumers prioritise getaways as essentials rise in price

Close

Stock image

Stock image

Stock image

Irish consumers are battling the soaring costs of essentials, such as food and fuel, but remain eager to head away this summer.

According to the latest spending report from Revolut, supermarket spending was up 6.6pc last month compared to June. However, as shoppers note the higher costs at the tills, habits are changing.

Revolut, which has more than 1.9 million Irish customers, reported that grocery spending fell 4pc in July of this year compared to July 2021, suggesting that many customers are purchasing less or are now opting for cheaper items.

Despite this, the number of people dining out increased in July compared to June, as spending in restauarants rose 11.3pc.

Revolut pointed to changing attitudes as budgets are stretched, with more consumers willing to cut back on essentials to keep money aside for restaurant trips or holidays. 

Consumers also spent 3.9pc more on fuel in July compared to the month prior, with fuel spending up more than a quarter compared to July 2021.

Some Revolut customers took to public transport instead, with spending on buses up 6.5pc last month.

Train transport also increased in demand over the course of July, with spending on train tickets up 6.6pc.

Consumers also spent more on holidays in July.

Despite ongoing reports of airport disruption, airline spending was up 13.7pc compared to this time last year.

Cruise line spending was up by 52.5pc in the same period.

Booking accommodation at hotels and resorts proved to be in hot demand, with spending up 80.5pc compared to July 2021. However, holidaymakers look set to try and make some savings when they do get away. Airport spending was down 11pc, with duty-free purchases falling 18.8pc.

“After a couple of years of restricted travel, consumers are looking for a summer away. However, they’re being careful as to where they’re spending, focusing their money on hotel and flight bookings, and dodging the airport shops,” a spokesperson for Revolut said.

The report also attributed the decline of clothes spending and days out last month to the Irish consumer’s focus on travel this year.

Business Newsletter

Read the leading stories from the world of business.

This field is required

Clothes shopping was down 5.3pc in July compared to June, while spending on leisure activities, such as cinema, sports clubs and art galleries, also dipped last month.


Related topics


Most Watched





Privacy